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Updated over 8 years ago,
First Duplex. Expert Suggestions
I am closing on duplex in mid August and will be occupying one unit starting Sept. 1. I financed it with a FHA loan of 3.5% on a $115,000 property, so i have to occupy it for at least 1 year. The rented unit will pay $700 and i may sublet a room on my side for $300.
The monthly mortgage, taxes, insurance and pmi comes to $960.
When i move out i think i can rent $750 for the bottom and $625 for the top ($1375.00)
The inspection came back good. No major fixes: roof is solid, basement is fine, detached garage may need vinyl siding soon. Water heaters and furnace have a lot of life left.
Thought?
Things to keep in mind?
Thanks